NEW YORK, April 16, 2015 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers (the "Class") of common stock of Walgreens Co. ("Walgreens" or the "Company") (NASDAQ: WBA) during the period of March 25, 2014 and August 5, 2014 (the "Class Period").
The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding the purported benefits of Walgreens' strategic partnership with Alliance Boots GmbH. Specifically, defendants publicly announced goals for fiscal year 2016 of $1 billion in combined synergies and $9.5 billion in adjusted earnings for the combined entity, but concealed a nearly $2.3 billion fiscal year 2016 earnings shortfall.
On August 4, 2014, Walgreens announced that its CFO, defendant Wade Miquelon, would be resigning. Two days later, on August 6, 2014, defendants lowered the fiscal year 2016 adjusted earnings target to $7.2 billion – a staggering $2.3 billion below the high-end of the range that they had previously announced to investors. Following these disclosures, Walgreens' share price declined plummeted from a close of $69.12 per share on August 5, 2014 to a close of $59.21 per share – a drop of over 14% – on August 6, 2014.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Walgreens common stock during the Class Period. If you invested in Walgreens common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 9, 2015.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Walgreens shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of Illinois.
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SOURCE Bernstein Liebhard LLP